- Hedera jumps 17%, currently trading at around $0.21.
- HBAR’s trading volume has exploded by more than 349%.
With the neutral sentiment ruling the crypto market, the Fear and Greed Index reading is at 42. The assets are waving both red and green flags across the board. Meanwhile, the largest asset, Bitcoin, is currently trading at $114.4K. Particularly, Hedera (HBAR) has registered a surge of over 17.98% in the last 24 hours.
Further upward price movement may strengthen the bulls and climb to new highs. In the early hours, HBAR was trading at a low of $0.1766. With the bullish encounter, the price has risen to a high range of $0.2191, testing the levels between $0.1773 and $0.2184.
At the time of writing, Hedera traded within the $0.2132 zone. Notably, the market cap has reached the $8.9 billion mark, with the daily trading volume of HBAR skyrocketing by over 349%, touching $882.87 million, as reported by the CMC data .
Will Hedera’s Momentum Hold Strong or Start to Fade?
Hedera’s technical chart exhibits that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. It indicates that the momentum is shifting upward. This crossover may be an early sign of a trend reversal. Besides, the Chaikin Money Flow (CMF) indicator of HBAR at 0.39 suggests a strong buying pressure. Notably, the money is flowing into the asset, and with higher readings, it aligns with bullish market sentiment.
The asset’s four-hour price graph shows the possibility of more gains. Assuming the bulls get enough strength, the price might move up to the resistance range at $0.2142. Upon the emergence of the golden cross, the Hedera price could rise above $0.2152. Conversely, if the bears re-enter, the asset could instantly fall to the support at the $0.2122 level. A death cross might take place with a potential downside correction. It may lead the Hedera price to its former lows between $0.2112 and $0.2102.
Furthermore, the current market sentiment of HBAR is in overbought territory, as the daily Relative Strength Index (RSI) is found at 86.42. It is pushing the price up aggressively, but hints at a potential pullback or correction . Hedera’s Bull Bear Power (BBP) value of 0.04590 signals that the bullish momentum slightly outweighs bearish pressure. The strength is not very overwhelming.
